MidFirst Second Quarter Income Tops $30 Million; Job Growth Continues

August 12, 2009

PHOENIX, AZ – MidFirst Bank, Arizona's largest privately owned bank and the third largest privately owned bank in the United States, reported second quarter net income of $30.6 million while assets grew by $218 million to end the quarter at $14.7 billion.

The bank ended the quarter with a combined regulatory capital and reserve base of $1.24 billion, representing an increase of $120 million over the prior year and exceeding levels set by regulators for well-capitalized banks.

"MidFirst continued to strengthen its financial position during the second quarter by adding $896 million of FHA and VA loans to its portfolio," said Jeff Lowe, Arizona market president. The bank's government-backed mortgage loan and securities portfolios represent more than 40 percent of total assets. "We also added 89 jobs during the quarter, bringing the total for this calendar year to 185."

"MidFirst continued to post positive earnings and growth despite the worst economic climate our country has faced in decades," Lowe added. "Our current projections have us earning in excess of a 15 percent return on capital for 2009, which should rank well among U.S. financial institutions. This strong performance enables us to remain committed to our expansion plans, including the six banking centers we have under construction in the Valley, all of which are scheduled to open in the third quarter. Our newest site, at 65th and Bell in Glendale will celebrate its grand opening on August 15."

MidFirst Bank offers the Valley many convenient banking options with 7 day-a-week banking, free ATMs nationwide and free coin counting for the community. The MidFirst Bank coin van is also available to assist local schools with their fundraising activities. More than $160,000 has been raised by the van this year in support of local Phoenix area schools and charities.

MidFirst is the third largest privately owned bank in the United States and the largest privately owned bank in Arizona. MidFirst is celebrating 14 grand openings in the Valley this year and will have 18 banking centers open by year end. MidFirst has more than 1,900 employees, with over 250 in Arizona. MidFirst has offices in Phoenix, Oklahoma City, Tulsa, New York, Chicago, Houston, Atlanta and Southern California.